Prime Minister Narendra Modi today called for "widespread" debate on holding simultaneous elections to the Lok Sabha and state assemblies saying that it will result in financial savings.

Modi was addressing the fourth meeting of the Governing Council of NITI Aayog that was attended by chief ministers of almost all states.

The central government has been toying with the idea of holding simultaneous elections for quite sometime now.

"The Prime Minister called for widespread debate and consultations on simultaneous elections for Lok Sabha and Vidhan Sabhas, keeping in view various aspects such as the resulting financial savings and consequent better utilisation of resources," an official release said.

Niti Aayog had last year suggested synchronised, two-phase Lok Sabha and assembly polls from 2024 so as to ensure minimum 'campaign-mode' disruption to governance.

In his closing remarks at the meet, Modi also said that corporate investment in agriculture is very low in India and urged the state governments to formulate policies to promote industry participation in the farm sector.

Speaking on various aspects of the economy, Modi said that the world expects India to become a five trillion dollar economy soon.

He encouraged states to give fresh ideas to the Finance Commission, for incentivising outcome-based allocations, and expenditure correction.